Verasity, one of the oldest and largest blockchain-powered adtech solutions in the market, has decided to burn 50% of its maximum supply following a landmark community consultation in which over 500,000 community members and token holders participated.
Reserve Funds No Longer Necessary
Verasity uses a patented Proof of View system that has been sold successfully in the market at the beginning of 2023 and throughout the year. The company said it’s looking to expand its business operations and scale using the revenue generated from its built-in technology.
This is why the total 10 billion $VRA tokens will be burned, which were minted and stored in a strategic reserve wallet for future business use. The decision was made based on the fact that this reserve was no longer necessary following the success of Verasity’s anti-bot advertising technology offering.
The VRA token has seen an increase in value and trading volume in recent weeks
VRA’s circulation supply is now capped at 10 billion, and the company is currently planning the migration of 90 billion tokens to a new blockchain. The team is actively looking for alternative chains to move those PoV marker tokens, which facilitate data transfer for its ad stack (and do not contribute to circulating supply).
The circulating VRA supply will retain its utility within the VeraViews ad ecosystem, which is being a deflationary token subject to quarterly burns, use as a means of payment for clients, and staking within the VeraViews ecosystem.
The project highlights this event as one of the largest community consultations in the history of cryptocurrencies. The burn of 10B tokens is also one of the largest single burns of any crypto project to date. The closest to it is Sensorium Corporation, the company behind the Sensorium galaxy metaverse, which burned 4.2 billion SENSO tokens —and that’s not even close to Verasity’s.
New Growth Strategies for 2024
Being one of the largest crypto projects with a community of 500k members and 300k Verawallet users, RJ Mark, CEO and Founder of Verasity, said this decision is a proof of the project’s commitment with its community.
“Our community consultation and subsequent burn of our strategic reserve tokens, some 50% of our maximum supply, proves that we’re also listening to our community and improving our crypto ecosystem.
While not explicitly stated in the roadmap, this decision will form part of a bigger plan to drive growth starting 2024. With the massive success of the PoV system and other Verasity products for content creation and security, the project expects an increased demand for its advertising solutions.
This is a community-led strategy, the project says, which seeks to deliver value to token holders while remaining useful and innovative for businesses and commercial roll-outs.
“We’re now laying the foundation for that growth” —added Mark.
Verasity has been outperforming altcoins when it comes to social engagement and volume. The VRA token has achieved top positions on LunarCrush’s AltRank through the first half of 2023.